Dawn Editorials 13th September 2025

Security at stake

IT is deeply unfortunate that the security of millions is potentially being put at stake over the persistent antipathy between the PTI and the government.

And yet, instead of resolving their differences and setting some rules of engagement, both sides continue to cross lines that should not be crossed. In jail and with the walls seemingly closing in, former prime minister Imran Khan has taken an increasingly combative position against the authorities.

It appears that the recent arrest of his nephews, who have since been released on bail, has greatly provoked him. In statements attributed to him and shared from his X account on Thursday, the jailed PTI leader has directed the KP government as well as provincial lawmakers to resist the military operations being conducted in the province to clear it of terrorists. This is a dangerous and problematic position to take, especially given the social sensitivities involved.

Mr Khan seems to believe that the military operations are merely a tool to politically hurt his party, which rules the province. He has also asserted that they are being conducted “merely to please foreign powers”. However, these positions are contradicted by the ground realities in KP, where militancy is visibly resurgent and repeated attacks by terrorists have claimed many lives and spoilt what hard-fought peace had been achieved in previous years. There is, indeed, strong local opposition to security operations as well, because kinetic operations invariably entail the displacement of civilian populations and subsequent economic losses due to disrupted livelihoods.

However, the citizenry seems equally wary of the growing influence of terrorists and other violent actors and does not want them to gain a foothold either. In such a situation, a national leader should propose a middle-ground solution that protects citizens’ interests while recognising national security imperatives. Unfortunately, Mr Khan seems to be letting anger get the better of his judgement.

It would be amiss not to point out the failings on the other side as well. Perhaps due to the way politics, justice and governance have shaped up under the present regime, the powerful seem to be operating under the assumption that their will can be imposed on the people without consequences. This is a dangerous presumption.

Decisions that can drastically affect citizens’ lives cannot be taken behind closed doors. There needs to be political ownership of such choices, which can only happen if those who are to be affected by them have been adequately heard and their concerns accommodated. Pressing ahead without public consent can prove disastrous in case unforeseen challenges end up complicating operational aims.

Hence, there should be a much greater focus on attaining political buy-in, and if making certain concessions can help achieve it, they should be considered. There needs to be some give and take.

Published in Dawn, September 13th, 2025

Panda debut

FORMAL assurances from the Asian Development Bank and the Asian Infrastructure Investment Bank to provide $285m in guarantees have brought Islamabad’s planned inaugural Panda bond issue closer to materialisation. ADB will provide a guarantee of up to $160m, with AIIB covering $125m to back the principal of $250m and unpaid interest obligations of the bonds. These credit enhancements are required to secure a domestic ‘AAA’ rating in China for bonds to qualify as ‘investment-grade instruments’. Pakistan’s move to tap the Chinese debt market to raise $250m in Chinese yuan later this year is understandable, given that the volatility in major markets, particularly the US, is pushing global investors away from dollar bonds towards safe-haven assets such as gold. The move — part of a broader plan to raise $1bn from Chinese investors and aimed at financing two major hospitals, national telemetry systems and power distribution network upgrades — should potentially help Islamabad diversify its international financing sources and manage foreign currency exposures. The three-year fixed-rate bond will be offered to institutional investors, with an indicative coupon range of 3-4pc per annum. ADB will charge an annual fee of 90bps and AIIB 50bps in addition to a one-time upfront charge of 75bps.

The development follows the release of the blueprint of a five-year China-Pakistan Action Plan (2025–2029), aimed at broadening their “all-weather partnership” beyond economic corridors into security, climate change, counterterrorism, science & technology and culture. The Panda bond’s launch is important as Beijing scales down its investments under the multibillion-dollar CPEC project. Though the new roadmap for bilateral trade, investment and economic cooperation promises to boost our exports and market access in China, analysts say it lacks concrete financing plans, targets and strategies for implementation. Beijing’s commitment in the document to provide Islamabad with “financial support within its capacity” is being read by some as a sign of China’s waning appetite for financing and investment in Pakistan — at least until the security of its nationals working here and of its other interests is assured. Against this backdrop, Beijing’s backing of the inaugural Panda bond issue is significant. The revival of the previous momentum of Chinese investment in Pakistan, however, will continue to largely hinge on our ability to not just ensure the safety of China’s citizens but also cleaning up our policy and governance mess.

Published in Dawn, September 13th, 2025

Where are they?

THE Commission of Inquiry on Enforced Disappearances was created in 2011 with directives by the Supreme Court to trace the missing and hold those responsible to account. Fourteen years on, it appears it has done neither. Its latest report, boasting that it “disposed of” 103 cases in a single month, should ordinarily signify progress. Instead, it has triggered scepticism. The Defence of Human Rights movement points out that such speed implies cursory hearings. Some cases were apparently closed in minutes, with rubber-stamp phrases such as “the detenue disappeared by himself”. This is bureaucratic shorthand for sweeping the matter aside. More worryingly, the commission recently declared “resolved” a case in which the individual in question had resurfaced alive a decade ago — suggesting its record-keeping is as casual as its fact-finding.

The obvious questions remain unanswered. Have these people really been recovered? If so, from where, and under what circumstances? If they simply reappeared, why were they listed as missing for years, even decades? And if they were in custody, what justification is there for their prolonged disappearance? The blanket suggestion that over 100 people vanished of their own accord defies common sense. It also trivialises the pain of families who have spent years seeking answers from an unresponsive state. DHR warns that hurried bulk disposals, flimsy explanations and neglected evidence are stripping the commission of credibility. Such practices erode public trust and inflame political grievances, particularly in provinces like Balochistan and KP. The government of Shehbaz Sharif, including Interior Minister Mohsin Naqvi, would do well to heed these warnings. Enforced disappearances are not a clerical issue; they are a crime. The commission was meant to cut through red tape. Instead, it has become a machine for closing files, not cases. Unless it is reformed, Pakistan’s missing will remain just that — missing.

Published in Dawn, September 13th, 2025